May 28, 2024 08:52 AM IST
Ruchir Sharma said that India boasts the world’s “most costly” stock market owing to which “foreign investors are being skittish about coming in.”
Stock market could experience a sudden fall if the PM Modi-led Bharatiya Janata Party (BJP) government secures less than 250 seats in the Lok Sabha elections, ace investor Ruchir Sharma said. Talking to India Today at its Pop-up Conclave in Mumbai, the Chairman of Rockefeller International said that if the BJP fails to secure 250 seats, the market could fall 10-20 per cent.
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He also said that India boasts the world’s “most costly” stock market owing to which “foreign investors are being skittish about coming in. The on-ground environment still needs to be greatly improved for foreign direct investment. We are attracting FDI as a share of the economy at over 1 per cent of GDP.”
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India experienced wealth generation over the last five years, solely by domestic capital with minimal foreign involvement, he said. Cautioning about income inequality, Ruchir Sharma said that despite India having the highest count of billionaires globally, the country is facing the challenge of income inequality.
Praising the government, he said that the BJP-led NDA government has been able to effectively manage inflation.
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Ruchir Sharma said, “The general sense (during my travel) I picked up is that the seat split in the state will be 50/50, but the real loss will occur in the two BJP allies.”
He added, “Except Andhra Pradesh, the BJP’s allies in particular are doing very poorly in Bihar, Karnataka, and Maharashtra. The allies seem to be in real trouble, except Andra Pradesh, where Chandrababu Naidu is on the ascendant.”
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